Financing and Other Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes the Company’s total outstanding debt by type:

(In thousands)	March 31, 2020		December 31, 2019
Tranche A term loan	911,225		923,707
Tranche B term loan	1,453,378		1,457,048
Term loans under 2016 Credit Agreement(a)	2,364,603		2,380,755
Notes outstanding(a)	400,000		400,000
Securitized debt	88,176		104,261
Participation debt	—		50,000
Borrowed federal funds	—		34,998
WEX Latin America debt	2,385		2,660
Total gross debt	$	2,855,164	$	2,972,674

^(a) See Note 12, Fair Value, for more information regarding the Company’s 2016 Credit Agreement and Notes.

The following table summarizes the Company’s total outstanding debt by balance sheet classification:

(In thousands)	March 31, 2020			December 31, 2019
Current portion of gross debt	$	155,172		$	256,529
Less: Unamortized debt issuance costs/debt discount	(7,953		)	(7,998		)
Short-term debt, net	$	147,219		$	248,531
Long-term portion of gross debt	$	2,699,992		$	2,716,145
Less: Unamortized debt issuance costs/debt discount	(27,657		)	(29,632		)
Long-term debt, net	$	2,672,335		$	2,686,513
Supplemental information under 2016 Credit Agreement:
Letters of credit(b)	$	51,300		$	51,314
Remaining borrowing capacity on revolving credit facility(c)	$	768,700		$	768,686

^(b) Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries.

^(c) Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement.

Schedule of Amounts Outstanding Under Participation Debt Agreements in Place

The following table provides the amounts outstanding under the participation debt agreements in place:

	March 31, 2020							December 31, 2019
(In thousands)	Amounts Available(1)		Amounts Outstanding			Remaining Funding Capacity		Amounts Available(1)		Amounts Outstanding			Remaining Funding Capacity
Short-term debt, net	$	80,000	$	—		$	80,000	$	80,000	$	50,000		$	30,000
Average interest rate			3.38		%					4.17		%

⁽¹⁾ Amounts available includes up to $50 million under an agreement that terminates on August 31, 2020 and up to $30 million under an agreement repayable on demand.